EX-12.1 2 v485391_exh12-1.htm EXHIBIT 12.1

 

Exhibit 12.1

 

Computation of Ratio of Earnings to Combined  Year Ended December 31, 
Fixed Charges and Preferred Dividends  2017   2016   2015   2014   2013   2012 
   (In thousands, except for ratio computation) 
Income (loss) from continuing operations before adjustment for non controlling interest  $(7,028)  $(2,974)  $7,643   $(6,674)  $(4,219)  $7,365 
                               
Add back:                              
Fixed Charges   31,575    19,960    11,389    8,683    4,961    1,226 
Distributed income of equity investees   9,252    11,405    24,617    11,550    289    607 
                               
Deduct:                              
Equity in (income) loss of equity investees   (10,336)   (11,632)   (17,893)   (5,133)   (1,501)   (13)
Capitalized Interest   -    -    -    (143)   (99)   - 
Earnings as Defined  $23,463   $16,759   $25,756   $8,283   $(569)  $9,185 
                               
Fixed Charges                              
Interest expense including amortization of deferred financing fees  $31,520   $19,915   $11,366   $8,538   $4,854   $1,217 
Capitalized Interest   -    -    -    143    99    - 
Interest portion of rent expense   55    45    23    2    8    9 
Fixed Charges  $31,575   $19,960   $11,389   $8,683   $4,961   $1,226 
                               
Ratio of Earnings to Fixed Charges   a    a    2.26    a    a    7.49 
                               
Preferred Share dividends   27,023    13,763    1,153    -    -    - 
Combined Fixed Charges and Preferred Dividends  $58,598   $33,723   $12,542   $8,683   $4,961   $1,226 
                               
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends   b    b    2.05    b    b    7.49 

 

(a) Due to the loss from continuing operations, the ratio coverage was less than 1:1 for 2017, 2016, 2014 and 2013. We would have needed to generate additional earnings from continuing operations of $8.1 million, $3.2 million, $0.4 million and $5.5 million for 2017, 2016, 2014 and 2013 respectively to achieve a coverage ratio of 1:1.
(b) Due to the loss from continuing operations, the ratio coverage was less than 1:1 for 2017, 2016, 2014 and 2013. We would have needed to generate additional earnings from continuing operations of $35.1 million, $17.0 million, $0.4 million and $5.5 million for 2017, 2016, 2014 and 2013 respectively to achieve a coverage ratio of 1:1.